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FHA is $13.48 billion in the hole. "The FHA will likely ask Congress to petition the Treasury to make up the shortfall." So says Christina Mlynski in HousingWire. This is a bailout!
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C Mlynski reports in HousingWire: Due to declining inventory, housing prices are rising. The number of homes for sale in October declined 28.9% from a year earlier. "2012 looks like the turn around year for housing with significant increases in sales and prices", says Margret Kelly of ReMax.
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Mike Larson in Money and Markets says: Yes, there is a recovery, but it isn't strong due to the Federal Reserve artifically suppressing interest rates and Bernanke's "strategy of trying to inflate asset prices far beyond their intrinsic value". In other words, he expects a drop in the real estate market yet again.
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Bank of America has just been ranked the worst for customer service by consumers. So says TBWS.
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National home ownership has declined for four years, 2007-2011 especially for those aged 25-44. Renting has increased by almost the same amount, but not quite. Ownership is down 2.6% and rentership is up 2%. -mhopkins in HousingWire-. (The problem is that of all the articles I read, almost no one is saying that the problem comes from so many Americans going into bankruptcy or other sever credit problems. That means it may be seven years or so for the market to recover from the economic crisis in the form of housing recovery. Too many people made over reaching housing purchases and are now paying for it. We are seeing it in the form of a slow housing market.)
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Mortgage rates hit an all time low for the fixed rate at 3.34% as of yesterday. The 15 yr FRM hit 2.65%.
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The Irvine, Calif.-based foreclosure research firm reported 186,455 default notices, scheduled auctions and bank repossessions. That is up 3% from September and indicates that one out of every 706 U.S. homes faced a foreclosure filing last month, according to RealtyTrac as reported in HousingWire.
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I am adding my own real estate news from now on since I just changed companies and am soooo happy with the business model of this company.
REA
Updates for 11-16-12
Many
New Auctions Scheduled on RealEstateAuctions.com!
Visit our homepage to see our events planned for IL, CA,
TX, NY, GA and FL! http://tinyurl.com/cxlmz6u
When is an Auction Not Really an
Auction?
Robert Lane visited one near San Francisco that had the
look and sounds…but was it really? http://tinyurl.com/dx6a4tf
Atlanta-area Housing For Sale: Why the
Sudden Shortage?
Steve Adkins looks into why there are relatively so few
listings in and around Atlanta. http://tinyurl.com/btwarwx
Meet Grace Tsang, Our New Team
Leader in San Jose, CA!
Tech industry
veteran, Realtor® and multi-state investor who’s got a real passion for real estate! http://tinyurl.com/c29fsdu
Auctions are Many Things, But are They
Beautiful?
Absolutely, says our Florida Team Leader Julie Smith
Searer, who brings back a report from the NAR convention in Orlando. http://tinyurl.com/bsqvaw3
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